Recognizing the pivotal role of start-ups in promoting innovation and driving economic growth, the Jammu and Kashmir Government has targeted to establish 2000 new start-ups in the next five years.
As per the details accessed by the Rising Kashmir, the government will cultivate a vibrant start-up ecosystem in the Union Territory through startup Policy 2024-27, with the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) has been designated as the Nodal Agency for its implementation.
The government targets to establish Jammu and Kashmir as a leading start-up ecosystem by 2027 by empowering Incubation Centers and Innovation Cells with Optimum Resources and by engaging entrepreneurs, mentors, investors, and catalysts through interventions and events.
To further strengthen the policy, the government will establish new Incubation centers with state-of-the-art facilities and will support start-ups in Attracting Global and Domestic Investments and will Institutionalize Incubations for Grass-root Innovation and Prototyping.
The details also said that the government will encourage Start-ups Aligned with Focus Sectors Identified by the Government and will also provide Additional Support to Female entrepreneurs, entrepreneurs with Disabilities, and Third Gender entrepreneurs.
Document accessed by the Rising Kashmir reads that for access to Funding, the government will establish a Venture Capital Fund of 250 Crores, infusing an initial fund of 25 Crores which will attract investments from various sources to primarily support recognized start-ups in Jammu and Kashmir.
Through loan guarantee programmes, the eligible start-ups recognized by JKEDI and DPIIT will have access to loans under the Credit Guarantee Scheme for Start-ups and Start-ups recognized by JKEDI will receive one-time assistance up to 20 lakhs for developing prototypes or introducing innovative products or services, subject to evaluation criteria and progress monitoring, it added.
The Document further reads that the JKEDI will facilitate start-ups in availing patent-related benefits provided by the Government of India and a special fund of 10 Lakhs will be allocated for providing specific, technical mentorship support to start-ups, involving international and top reputed mentors.
The Jammu and Kashmir government would endeavour to initiate a process of self-certification for start-ups under different labour laws and environmental laws applicable in the Union Territory of Jammu and Kashmir, as per the norms and regulations laid down by Start-Up India, the document reads.
To oversee and monitor the performance of the startup ecosystem, the government has established the High-Level Empowered Committee (HLEC) headed by the Chief Secretary which will play a pivotal role in making decisions that encourage innovation and may modify startup policies and guidelines as needed, it added.
A Start-up Task Force has also been formed to ensure the effective implementation of policies and decisions made by the HLEC. Led by the Administrative Secretary of the Industries & Commerce Department, the task force will play a crucial role in regularly monitoring and evaluating the policy’s implementation.
Focusing on talent development, the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI), designated as the Nodal Agency, will support incubation centers in enhancing their content through technical tie-ups with global institutes.
It will also encourage incubation centers to provide supportive curricula for first-time entrepreneurs. The startups addressing soft skill gaps will be offered subsidized office space in Zone A/Zone B for one year, if available with JKEDI, it added.
